Thailand approves new incentive packages to boost foreign investment
Thailand’s Board of Investment (BOI) on September 20 adopted a set of incentive measures to attract foreign businesses’ investment in the country.
BOI Secretary-General Duangjai Asawachintachit (R) at the meeting (Photo: thainews.prd.go.th)
Local media quoted BOI Secretary-General DuangjaiAsawachintachit as saying that the new packages, named “Thailand Plus”, wereapproved during a BOI meeting under the chair of Prime Minister PrayutChan-o-cha.
The promotional privileges include a corporateincome tax exemption for 5-8 years. Projects located outside Bangkok areentitled to a 50 percent deduction in corporate income tax for five years, onthe condition that they are submitted for promotional privileges before the endof 2020, worth no less than one billion THB (32.8 million USD) in investmentcapital, and carried out in 2021.
To develop human resources and build up the highskilled workforce, project entrepreneurs should organize skills training fortheir personnel and allow students to undergo skills training before they enterthe job market.
The measure provides for expenditureincurred in the training of personnel to be added to the allowable deductionsin corporate income tax, for which no minimum cost of such expenditure is set.
Entrepreneurs who allow students toundergo skills training in science and technology will qualify for a corporatetax exemption.
Those who have their personnel undergotraining in targeted technology will have twice as much the amount ofexpenditure on such training entitled to a corporate tax exemption.
These entrepreneurs are required to filerequests for such promotional privileges in 2021.
Educational or training institutions willreceive exemption of import duty on machinery. Applications must be submittedby the year 2021 and applicants must be engaged in the BOI eligible activitiesunder the current investment promotion scheme./. VNA